The number of Bitcoin whales falls around 5% in 4 days. Bitcoin might drop lower than $39k

As the whole value of the cryptocurrency market falls below $2 trillion, and the price of Bitcoin (BTC) falls by as much as 17% in 2 weeks, the behaviour of Bitcoin whales suggests it could go even more. In particular, the number of addresses on the network holding more than 10,000 BTC has decreased by 4.6% in the last 4 days, according to crypto expert Ali Martinez in a tweet on April 13.

Martinez also posted a Glassnode chart that indicates a dramatic decrease in the number of addresses having more than 10,000 BTC in their crypto wallets. On April 11, their number stood at 87, down from 91 four days earlier. Given the current price of Bitcoin, this means that 4 Bitcoin whales who collectively owned at least $397.61 million (but most likely more) in BTC have either left the network or redistributed their supply.

It’s worth noting that Martinez’s investigation from a week ago found that the number of Bitcoin whales holding more than 1,000 BTC had decreased by 16 between March 28 and April 3. According to the analyst, such whale behaviour in both circumstances might create strong downward pressure on Bitcoin, potentially sending its price (even) lower than the $39,799 it was at the time of publication.

On the other hand, Santiment, an on-chain and social metrics analysis tool, tweeted on April 13 that a consistent supply of roughly 4,000 Bitcoin whale transactions above $1 million per day was seen Monday through Friday, “with slight slowdowns on weekends.” The platform supported these claims with a chart showing whale transaction increases at various times.

According to the graphic, a surge in Bitcoin whale transactions during price declines suggested a potential price bottom, while a spike in similar transactions during price gains indicated a likely price top.

Meanwhile, the flagship digital asset’s current price is down 1.72 % in the last 24 hours and 11.4 % in the last seven days. According to Coincu, Bitcoin has a current market cap of $772 billion, making it the largest cryptocurrency by this measure.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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